Middle East

Several sources familiar with the situation said that Saudi Arabia will export to China at least 36,000,000 barrels of crude, a slight decrease from the previous month. As some Chinese refineries prepare for maintenance, and independent refiners wait for Beijing's 2026 import quotas, the expected drop in oil supply for the second consecutive month from the top oil exporter to world's biggest importer comes at a time when many refineries in China are preparing for maintenance. Sources said that one of the Chinese buyers has reduced their December volume because they have already lifted the majority of their full-year contract...

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

The top official of the U.S. Treasury Department said that the United States is looking to seize a "moment in Lebanon" to cut off Iranian funding for Hezbollah, and to press the group into disarming. John Hurley said in a late-Friday interview that Iran managed to send about $1 billion this year to Hezbollah despite the Western sanctions which have ravaged its economy. The U.S. is waging a campaign of "maximum pressuring" on Tehran to reduce its uranium-enrichment program and regional influence. This includes in Lebanon, where the Iran-backed Hezbollah has also been weakened since Israel destroyed its military strength...

A U.S. official familiar with the matter said on Friday that the United States supports the European Union in using frozen Russian assets to help Ukraine and bring an end to the war with Russia. The European Commission, as the West seeks a way to increase pressure on Moscow has proposed a plan that would allow EU governments to use up 185 billion euro ($217 billion), which is the majority of the 210 million euros of Russian sovereign assets frozen in Europe. Washington "absolutely support (the EU)" and the measures they are taking to be able to use those assets...

Bloomberg News, citing the CEO of ADNOC, reported that the trading division at the Abu Dhabi state oil company plans to double its volume in the next few year as part its international expansion. ADNOC has increased its global expansion over the last few years in order to find new revenue sources for the Gulf State, including by building trading operations. Ahmed Bin Thalith is the chief executive officer of ADNOC Global Trading. He told Bloomberg that the state-owned Abu Dhabi National Oil Company views trading as a means to maximize the value of fuels sold in the emirate or...

The Sudanese paramilitary Rapid Support Forces have agreed to the United States' and Arab countries' proposal for a humanitarian truce and are open to discussions on a cessation in hostilities. Both the RSF and the Sudanese army have agreed to various ceasefire proposals during their two-and-a-half-year-old war, though none have succeeded. The administration of U.S. president Donald Trump has stated that it is working to end fighting in Sudan. The Sudanese Army did not respond immediately to the announcement. It comes less than two week after the RSF had taken over the famine-stricken town of al-Fashir and consolidated its control...

A survey on Wednesday showed that the growth in non-oil activity in the United Arab Emirates in October was less robust, and business confidence had fallen to its lowest level in almost three years. The S&P Global UAE Purchasing Managers' Index, which is adjusted for season, fell to 53.8 from 54.2 in Septembre but remained well above 50.0, the mark that indicates expansion. The growth was driven by an increase in new orders and improved economic conditions, as well as increased marketing efforts. The pace of growth in new business slowed compared to September and orders from foreign clients only...

A survey on Tuesday found that OPEC oil production increased in October following an OPEC+ deal to increase production. However, the rate of growth was much slower than it had been during September and summer. According to the survey, the Organization of Petroleum Exporting Countries (OPEC) pumped 28,43 million barrels of oil per day last month. This is up 30,000 barrels from the total of September. Saudi Arabia and Iraq saw the biggest increases. OPEC+ - a grouping of OPEC members and their allies, including Russia - has slowed down the pace at which its output increased in October, due...

Oil prices held steady Monday as the market weighed the latest OPEC+ production increase against the group's plan to pause increases in the first three quarters of 2026, along with fears of a glut of oil and weak factory data from Asia. Brent crude futures dropped 24 cents or 0.4% to $64.53 per barrel at 10:37 am EST (1537 GMT). U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas Intermediate and Brent, fell by 31 cents or 0.5% to $60.67. OPEC+ (Organisation of Petroleum Exporting Countries, OPEC, and allied producers) agreed on Sunday to increase...

Yoshimichi M. Maruyama, chief financial officer of Japan's Seven & i, said that the company is working on a number of initiatives including potential M&A and partnership deals aimed at achieving substantial growth. 7-Eleven, the Japanese retailer that owns convenience stores in Japan, wants to show investors how it can grow after Canada's Couche-Tard pulled out of a $46 billion bid offer last July. Seven & i said that it would pursue a listing for its North American convenience-store subsidiary in the second half 2026 and buy back shares worth about 2 trillion yen (13 billion dollars) through fiscal year...

Saudi Arabia's third-quarter budget deficit increased by 160%, as revenues dropped and spending rose. The finance ministry announced this on Thursday. Oil revenues dropped 0.1%, to 150.8 billion riyals. The unwinding of OPEC production cuts weighed on prices. Meanwhile, the Kingdom's Vision 2030 plan for diversification was implemented. In the first quarter of this year, revenues for the world's largest oil exporter fell by 13% compared to last year. 119.1 billion dollars came from industries other than oil. The public spending increased by 6% on an annual basis to 358.4 billion Riyals. The IMF's latest World Economic Outlook raised its...

India announced on Thursday that the U.S. had granted it a six-month waiver of sanctions to operate Chabahar's Iranian port. This will help New Delhi to boost its trade with Afghanistan and Central Asian nations, bypassing Pakistan. Last year, India signed a contract for 10 years with Iran. Develop and operate a port This month, the United States has increased its cooperation with Taliban-run Afghanistan. Reopening of its Embassy Kabul was closed in 2021 after the Islamist group took power following the withdrawal by the U.S. led NATO forces. Initially, the port was planned to be built on Iran's Gulf...

The oil prices are little changed today after they rose in the previous session. This is because of the expectation that the end of the longest U.S. government shut down could increase demand in this country, the world's largest crude consumer. Brent crude futures fell 8 cents or 0.12% to $65.08 per barrel at 0106 GMT, after rising 1.7% on the previous day. U.S. West Texas Intermediate Crude was down 7 cents or 0.11% to $60.97 per barrel after gaining 1.5% the previous session. The U.S. Republican-controlled House of Representatives is set to vote on Wednesday afternoon on a bill,...

Sources at three Indian refiners reported on Tuesday that Saudi Arabia and Iraq, producers from the Middle East, have allotted full-term crude volumes for Indian refiners in December while also offering additional quantities under optional contracts. After halting their Russian oil purchases due to the tightening of Western sanctions, Indian suppliers have increased demand for Middle East crude. Last month, the United States, Britain and European Union designated Russian Top oil producers Rosneft, and Lukoil caused immediate disruptions in trade as fears of sanctions drove away buyers from India and China. Sources said that the Indian refiners received their full...

Kuwait Petroleum Corp. has offered heavy crude to be loaded in December through a spot bid, according to sources within the industry and the tender document. This is because it sells extra oil that Al-Zour Refinery cannot process. The producer offered to load 500,000 barrels Kuwait Heavy Crude on December 6 and 7, as well as the same amount of Eocene Crude on December 8 and 9. The bids will be valid until Thursday. KPC now has a total of 3.9 million barrels in heavy crude spot sales. Kuwait Integrated Petroleum Industries Company (KIPIC) has announced that on October 21...

The oil prices fell in Asian trade Tuesday, as concerns over oversupply outweighed the uncertainty about the impact of U.S. Sanctions on Russian oil giants Rosneft & Lukoil. Also, optimism was high over the progress made toward the reopening of the U.S. Government. Brent crude futures dropped 12 cents or 0.2% to $63.94 per barrel at 0426 GMT. U.S. West Texas Intermediate Crude was $59.99 per barrel, down by 14 cents (0.2%). Both benchmarks rose by around 40 cents during the last session. The longest shutdown in U.S. government history could come to an end this week, after the Senate...

The oil prices dropped on Wednesday, amid a global sell-off that reflected concerns over economic growth and fuel demand. A stronger dollar and reports about rising U.S. crude stocks added to the worry. Brent crude futures dropped 36 cents or 0.56% to $64.08 per barrel at 0221 GMT. U.S. West Texas Intermediate Crude was down by 40 cents or 0.66% at $60.16. Both contracts continued to lose money from Tuesday. Oil markets fell as part of an overall slump in equity markets. Asian stock markets added on Wednesday to a drop overnight on Wall Street due to concerns that stock...

The oil price was flat on Friday but headed for a third monthly decline as a strong dollar, weak China's data, and increased supply from major producers worldwide weighed. Brent crude futures recovered some of their earlier losses and were now up 29 cents or 0.5% at $65.29 per barrel at 1303 GMT. U.S. West Texas intermediate crude was up 53 cents or 0.9% at $61.10 per barrel. Dollar-denominated goods such as oil are more expensive because the U.S. currency is near its three-month-highs. Sources said that Saudi Arabia may cut its crude oil price in December for Asian buyers...

The oil prices fell on Friday and are heading towards a third consecutive monthly decline as the stronger dollar has capped gains in commodities, while a rising global supply from major producers offsets the effect of Western sanctions against Russian exports. Brent crude futures fell 33 cents or 0.51% to $64.67 per barrel at 0027 GMT. U.S. West Texas Intermediate was $60.22 per barrel, down by 35 cents or 0.58%. In a recent note, ANZ analysts stated that a stronger USD impacted investor appetite for commodities. The greenback gained after Federal Reserve Chairman Jerome Powell stated on Wednesday that a...

Oil prices fell on Monday as worries about a global glut grew, while tensions between the U.S. and China over trade added to fears of an economic slowdown. Brent crude futures dropped 53 cents or 0.86% to $60.76 a barrel as of 0610 GMT. U.S. West Texas intermediate futures also fell 55 cents or 0.96% to $56.99 erasing Friday's gains. The International Energy Agency has forecast a growing glut of supply in 2026, which is partly responsible for the declines. Toshitaka Takawa, an economist at Fujitomi Securities, said that fears of a slowdown in the economy due to increased U.S....

The oil prices continued to fall on Wednesday as investors considered the International Energy Agency warnings of a surplus supply in 2026, and the U.S./China trade tensions which could reduce demand. Brent crude futures dropped 21 cents or 0.3% to $62.18 a bar by 0425 GMT. U.S. West Texas Intermediate Futures dropped 16 cents or 0.3% to $58.54 a bar. The previous trading session saw both contracts close at lows of five months. The International Energy Agency (IEA) said that the global oil market may face a surplus of up to 4 million barrels a day next year, a larger...

Early signs of a thaw between U.S. and China trade tensions helped to boost market sentiment on Tuesday, easing concerns about global fuel demand. U.S. Treasury Sec. Scott Bessent stated on Monday that President Donald Trump is committed to meeting Chinese president Xi Jinping later this month in South Korea as both countries attempt to deescalate tensions regarding tariff threats and export control. He said that the two sides had been in contact over the weekend, and that more meetings are expected. Brent crude futures were up 18 cents or 0.28% to $63.50 per barrel at 0000 GMT. U.S. West...

OPEC did not change its forecasts on Monday for the relatively high growth in global oil demand this year and the next. It also implied that the oil market would see a smaller deficit of supply by 2026, as the OPEC+ group continues to increase production. OPEC+ has added more crude oil to the market since the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies have decided to undo some production cuts faster than originally planned. This extra supply has led to concerns of an oil surplus, and has weighed down on the price of crude this...

Oil prices rose Monday, after falling to a five-month low in the previous session. Investors hoped that potential talks between U.S. presidents and Chinese leaders could ease tensions over trade between the two world's largest economies and oil users. Brent crude futures rose 92 cents or 1.47% to $63.65 per barrel at 0408 GMT, after falling 3.82% to its lowest level since May 7. U.S. West Texas Intermediate Crude was at $59.79 per barrel, up 89-cents or 1.51% after a 4.24% drop to its lowest level since May 7. WTI prices are expected to settle on Tuesday, as Monday is...